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and the president can come together quickly and pass a bill that would put off the fiscal cliff, he there for some large amount of time or even indefinitely. it really is about making a down payment on closing deficits in the future. i would say it is also really about the president's campaign not this -- not just this past election but his first election to hike taxes on the successful. we have to see some real leadership on the longer-term budget unsustainable issues. what we do not need is negotiating in the political theater. when we see that stop, that we know we will be serious about whether we will resolve the fiscal class -- cliff and have some large down payment. when it comes to republicans and conservatives, there are three things to bearer in mind. one is the house republicans they were elected to cut spending and not raise taxes. that is one of the reasons it is hard to move toward. -- for word. there are a number of revenues that would be acceptable to conservatives. the first one is one that speaker boehner put out almost immediately after the election. that is revenues to a stronge
on the fiscal cliff coming up on the sunday round table in 20 minutes. next is paris from maryland on the independent line. caller: my question is, how money -- i think we need to go back to the basic for all americans to understand how money is made. how is it created. it is a clear understanding, that is the point. what organized people to come together to do something like school, police department, all of these types of things. how is it created? what is day one? as what i am looking at, what is day one? when civilization first expands, how money was created? host: the republican address came from marco rubio who has had a higher profile the last couple of months including his acceptance of the camp award in washington. here is more from the florida senator in the republican response. [video clip] >> americans of struggling to keep middle-class jobs for two reasons. we're not creating enough of these jobs and too many people did not have the skills for the jobs that are being created. a limited government can and help solve these challenges. we must get the national debt under
is happening with the fiscal cliff. we will go to steven sloan from politico. word coming in that president obama and john boehner talked on the phone and later on wednesday. what have we learned if anything about that conversation? caller: very little has leaked out on the conversation. we're not sure how long it lasted. it is a sign that maybe even incremental progress has been made this week. host: can we glean anything from who called who identify this phone conversation? when the last time they talk before wednesday afternoon was? host: it has been about one week since they talked. we do not even know, as far as i know, who called the. they really have given us the details on the call. host: we are talking to steven sloan. what is the latest on the two sites? who seems more willing to compromise at this point? caller: we are still a in this game of chicken. both sides have made their offers. neither side appears at the moment close to making new offers or backpedaling on the offers may have made it. we still are in is still made mode right now. we will have to see whether that changes
, sequestration or the fiscal cliff. coming back to the fiscal cliff, let's take up one of the very big programs and i'm not talking about the department of defense, which is one of the major expenditure items but that's not the subject for tonight. tonight, the subject is medicare and medicaid. the medicare program is a big one and it certainly is a program that's expensive and is a program that has grown on the average faster than inflation. but in the last two years, that's not the case. and we'll discuss that in more detail later. in fact, medicare has fallen below the general rate of health care inflation. let's talk about what we can do about medicare instead of saying what we ought not do, we are going to start this discussion talking about what we can do and the president has put out several ideas that deserve the attention of the 435 members of this house and the 100 senators. because there are things that really can be done immediately to significantly reduce the cost of medicare. just in listening to my colleagues here on the floor discuss the departure of some extraordinary members f
. there is no progress to report. when it comes to the fiscal cliff that is threatening our economy and threatening jobs, the white house has wasted another week. 8 days ago, secretary geithner came here to offer a plan that had twice the tax hikes that the president campaigned on. it had more stimulus spending than it had in cuts and an infinite increase in the death lemmas like forever. four days ago we offered a serious proposal. since then, there has been no counteroffer from the white house. instead, reports indicate the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. even if the president thought the tax rate hikes he wanted, we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem, not a revenue problem. the president does not agree with our proposal. i believe he has an obligation to families and small businesses to offer a plan of his own, and plan that can pass both chambers of the c
families hostage to bring on the fiscal cliff. there is a lot of bluster coming from republicans, but that is crumbling quickly. every day, we read about more republicans breaking ranks, calling out the speaker to allow tax rates to rise on the wealthiest. yesterday, it was parker and coburn. today, florida governor haley barbour. he said, "i would take raising rates on the top brackets if, in return, we had tax return." he wants the rates to go up on the top two brackets. as soon as republicans accept reality, middle-class families taxes will not go up. i am confident an agreement can be reached. >> [indiscernible] placeholders and cloture motions? some republicans are saying this is restricting the amendment process, and part of the reason they are threatening to filibuster. why have you chosen to pursues those -- pursue those practices? >> i have explained before, but let me give an example. we have to spend 8 to 10 senate days, a couple of weeks, to get on a bill, because they virtually oppose every time we try to get a bill. that with 10 days. with that 10 days, if we did no
tax cuts for middle class families hostage to the fiscal cliff. there's a lot of bluster coming from republicans but that facade is crumbling quickly. every day we read about more republicans breaking rank, calling on the speaker to allow tax rates to rise on the wealthiest. yesterday, it was carson and culver. today former governor haley barbour, here's what he said. i as a republican would take raising rates on the two top brackets if we had tax reform and some other things he wanted. but he wants the rate to go up on the top two brackets. as soon as the republicans accept reality and guarantee middle clats families their taxes won't go up, i'm confident an agreement will be reached. >> the last few years, you -- some republicans are saying that this is restricting the amendment process and part of the reason why they're -- that they are threaten -- threatening to filibuster. why have you chose ton purr suze those practices. >> i've explained this before. we have to spend eight to 10 days, senate days, that's a couple of weeks, to get on a bill. because they virtually oppose every
incomes. significant increases in both are scheduled. as you think about the fiscal cliff and what is coming, one of the few places you can see people responding to it is in their behavior around capital gains and dividends. companies are moving up to how, shareholders take a vintage of a lower rate. i expect you will see more investors realize lower capital gains in order to get lower rates. there is clearly money there. there is clearly money that has interesting, distributional characteristics. that tends to be money that comes from higher income folks. as you think about the political process trying to structure when a package with a revenue goal and a distribution goal, my prediction is you will see at least some of those increases occur. i personally would be surprised if the dividend rate went back up to ordinary rates. the senate would allow it to stay at the capital gains rate, and go it to 15% to 20%. the president initially proposed cutting dividends they the same as capital gains. -- proposed letting dividends stay the same as capital gains. my guess would be that that
institute] >> more about the fiscal cliff coming up in a minute. the house returns live in about a half hour from now at 5:00 eastern to consider a motion to negotiate with the senate on a compromise bill that would set penn programs and policy for the next year. recorded votes will happen this evening around 6:30 eastern. and tomorrow, eight bills including the sale of asthma ilan-- inhaters -- inhalers. live house coverage as always here on c-span. and now today's white house briefing with press secretary jay carney. he talked about where things stand in the fiscal cliff negotiations and responded to house speaker boehner's criticism of president obama on the issue. we'll show you as much of this as we can until the house gavels back in at 5:00 eastern. >> good afternoon. welcome to the white house. thanks for being here. i have no announcements to make at the top so i will go straight to your questionless. mr. henry's disappointed that i have not a single announcement. jim. >> thanks, jay. the speaker, as you know, spoke today and turned the conversation over to the spending cuts and the
issues in general when it comes to the fiscal cliff. if you have questions about tax issues or comments about how taxes should be included in these discussions, he will be taking your calls. up next, we're going to have a look at republicans and the fiscal cliff negotiations with radio talk-show host and columnist armstong williams. that is coming up next as we continue the "washington journal." ♪ >> why a writers institute? i think it is very important within the culture. we are a culture of words, of voices. words are key to our imagination, our capacity to envision things. we ourselves are not completely tied to print on the page. but i think that there is no other art form so readily accessible other than perhaps -- but it is something -- there is something in literature that captures the humans. . >> this weekend, we look behind the scenes at the history and literary life of new york's capital city, albany, on c-span to and it c-span3. span3.c- [bell rings] >> this weekend on c-span3, follow harry truman's eldest grandson to hiroshima. >> everybody has their own view of what happ
will be examining entitlements later on this morning as part of our series on the so-called fiscal cliff. we will look at social security coming up this morning. right now we are asking you the deductions that you would be willing to give up. joy? caller: good morning, how are you? i have an idea that i do not know how popular it will be, but i am not necessarily about giving up something on the tax deduction as much as i am proposing a new idea. that contribution to the presidential fund at the end of your taxes, changing that to say make a contribution to the debt. i would not giving up an extra portion of my tax return to do that. i tend to make contributions to charitable donations. i do not get other deductions. maybe if we look at it differently, it would stop the arguing and bickering back and forth. if we could make a contribution to reduce the debt, i would like to see that change from other things on the table right now. host: what would you do if you heard that the deal included getting rid of mortgage deductions or charitable tax deductions? what would you do? caller, i would hav
that fiscal cliff and all of those bad things come to bear, the tax increases and the spending reductions, collectively they make $607 billion. and if we apply that to next year's deficit, we still won't reduce next year's annual deficit to the level of what used to be the highest deficit in american history run up under the bush administration. we can roll right over the fiscal cliff, create $607 billion in savings we didn't have before, and we still won't have reduced our annual budget deficit to what was formerly the highest budget deficit in american history before the obama administration. that's how far out of whack we are. i'm not trying to blame the president for that. i think there is some blame here, there is blame everywhere. i only say the obama administration so folks understand this is a problem that has existed as long as i have been alive, we have been running systemic deficits. but in the bush administration we were running the highest deficit in american history and today they are four times larger. and if we roll over the fiscal cliff and everyone says it's going to be
the fiscal cliff. >> this isn't a progress report because there is no progress to report. when it comes to the fiscal cliff that is threatening our economy and jobs the white house has wasted another week. secretary geithner came here to offer a plan that had twice the tax hikes that the president campaigned on and had more stimulus spending than in cuts. and an indefinite increase in the debt limit like for ever. now four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there has been no count offer from the white house. instead reports indicate that the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has got a spending problem, not a revenue problem. if the president doesn't agree with our proposal
. this is not a proper support because there is no progress to report. when it comes to the fiscal cliff, the white house has wasted another week. eight days ago, secretary brightener came here to offer a geithner pena to offer a plan. four days ago, we offered a proposal based on testimony of president clinton gaming former chief of staff. there has been a counter offer from the white house. reports indicate that the president has adopted a deliberate strategy to slow walk our economy to the edge of the fiscal cliff. instead of reforming the tax code, the president wants to raise tax rates. if the president get the tax hikes he wanted, we would continue to see trillion-dollar deficits for as far as the eye can see. washington has a spinning not a revenue problem. if the president does not agree with our proposal, he is obligated to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready to talk to the president about a plan. >> you spoke with the president earlier this week. did he have any counter often? fer? he is making it clear that there have to be increases for th
on the fiscal cliff. this morning "washington journal" talk to a business representative about his take on the negotiations. host: let's begin with what is business forward, how did it come about? guest: is simple mission. our job is to make it easier for business leaders in the country who care about policy issues but did not have a washington office or a lobbyist, to speak about the issues of public policy. host: is this a brand-new organization? who is involved? >> we have been around 3 1/2 years, supported by some of the biggest companies of the world, with business leaders are in the country. we go out to small business owners, entrepreneurs, venture capitalist to get them involved in policy-making. what we do is we bring administration officials, members of congress, governors out to cities around the country to be briefings with business leaders. what we also do is bring the business leaders to washington. we tell them how to grow jobs and accelerate. host: what did the business leaders say to the president and how did it come about? guest: we have been doing this for a year, bri
's not a fiscal cliff. the truth is we have a tax decision coming up and we have a spending decision coming up. truthfully, we need more spending decisions coming up. sequester is a new word that we brought up. the sequester, as you recall, mr. speaker, was the hammer that we put in place way back, one of the first big votes you and i took way back in august of 2011. that was part of an agreement that the president wanted to raise the debt ceiling. there were bills that needed to be paid. the speaker of the house, john boehner, said we're not going to expand america's credit card until we get serious about curbing spending. he said, no, mr. president, i will not raise the limit on america's credit card unless you agree to dollar-for-dollar reductions on the spending side of the ledger so that we're not just making the problem worse, we're creating a pathway to solve the problem altogether. i admire the speaker for that. and the speaker and the president agreed on this proposal. it was called the budget control act of 2011, and what it did was to create a -- a committee here on capitol hill, fi
of 3.8% come january 1. that seems unlikely to be changed as part of the fiscal cliff negotiations. you'll still see that surtax on top of that. host: this from twitter. guest: i leave that as it is. host: is that how much it could go up? guest: yes. host: currently it is 35%. go ahead, mark. caller: the previous caller mentioned capital gains -- the recent point about the medicare surcharge to pay for the affordable care act. if he thought it could be a solution to kill both of those birds with one stone. guest: i'm not a health-care expert. host: no problem. we have this from twitter. guest: i believe that is the case. tom in california, go ahead. caller: i have several issues with the estate tax. i am a farmer if it comes back to the normal 1 million exemptions. we work together to build this estate. it wasn't just my parents but it is in my parents' name. i have to pay tax to something i have contributed to. host: help people understand how farmers fall into this estate tax? how is it your estate is worth more than $1 million? caller: we have about 1,000 acres in sonoma county, cali
are the drivers of deficit. if we can come as part of avoiding the the fiscal cliff, put in place a framework where that's done seriously, i would be all for it. host: what about adding new stimulus money? guest: i don't think the previous stimulus was well done. i think it was too have the on government spending and not enough on reducing the tax take of the federal government, putting the money in the hands of the actual households. i'm for allowing the payroll tax deduction that occurred in 2011 and 2012, i support continuing that. if that would put money directly in the pockets of working families. that could actually help the economy. i am dubious that more spending through stimulus type measures that were enacted in 2009 would do much good. i don't think they did very much good the last time. host: your take? guest: a one-year deferral would be ok. the rest of the package looks good. i think on the stimulus idea, the $50 billion you mentioned, we still have an unemployment rate of 7.7%, which is very high by historical standards. this recovery is very fragile. if we start raising revenu
form until december 31 and will come back quickly on january 3 after we have gone over the fiscal cliff. guest: i suspect congress and the president to be around close to new year's eve. the probability is that rationality will prevail and the president and congress shall make a deal to avoid the fiscal cliff and another recession. host: for that to happen, something has to happen this week? guest: not this week but every day that so little gets done raises the chance it will go wrong. i worry about that a lot. guest: it is a small deal, they can do something quickly. it may not require even a roll-call vote. to do the big deal, they did not have enough time to do the big deal when congress reconvenes on november 13. so the idea with two weeks to go is very small. host: final word? guest: i think it is time to talk about the spending side. look at anyone trying to run a federal agency and they are being told the budget will be cut at 14% across the board beginning january 2. this is a ridiculous way to run a country. host: douglas holtz-eakin is the former director of the congressional
and the so- called fiscal cliff. that is coming up next on c- span3 then a panel on innovation and the economy. later a conversation about how the fiscal deadline and sequestration could affect national security in the defense budget. >> on tomorrow morning's washington journal, and look at the so-called fiscal cliff and what happened of budget cuts take place in january. jim doyle on the aspect of businesses. after that, charles clark with domestic program cuts. and more about the issue with the brookings institution and ethics of public policy center. and your e-mails, phone calls, and tweets. live tuesday at 7:00 a.m. eastern on c-span. >> president obama talking about the economy and the need to reach an agreement with congress on the january fiscal deadline terry the president spoke at the daimler diesel plant outside of detroit. his remarks are about 25 minutes. >> hello, redford! [applause] it is good to be back in michigan. [applause] how is everybody doing today? [applause] now, let me just start off by saying we have something in common -- both our teams lost yesterda
. when it comes to the fiscal cliff threatening the economy and jobs, the white house has wasted another week. eight days ago the treasury secretary came here to offer a plan that had twice the planned tax hikes the president campaigned on. more stimulus spending than the added cuts, and did and didn't but net -- in definite increase on the debt limit. four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there has been no counter offer from the white house. instead, records indicate the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. intent of reforming the tax code, the president wants to raise tax rates. even if the president got the tax rate hikes he wanted, understand we would continue to see trillion dollar deficit for a start -- far is that i can see. listed, washington has a problem spending, not the revenue problem. the president does not agree with our proposal. i believe is an obligation to families and small businesses to offer a plan of his own, a pla
: i thank the gentleman. obviously we are coming here to meet, we're focused on the fiscal cliff, but there are other things that we could be hopefully resolving in the time that we have available to us between now and the end of the year and i would hope we would do that. unless the gentleman has other omments, i will be pr for what purpose does the gentleman from texas rise? >> mr. speaker, i rise today, we rise today to ask to you join us in a moment of silence honoring our colleague, the honorable jack brooks, former dean, who passed away yesterday evening at the age of 89. jack brooks was a fellow texan and a good friend who served 42 years in congress. he was leader dedicated to bettering our country and will be sorely and dealer missed by his family, friends and this congress. mr. hall: i urge one minute of silence. the speaker pro tempore: members , please rise for a moment of silence. the president has said publicly a red line for him is tax fairness and raising rates on the wealthy. if the analog to that is a red line for republicans that they cannot raise rates, you ha
of framework hopefully comes out of the fiscal cliff through their committees to help develop details of how to do tax reform. we lucky to have with us today chairman baucus. he has been thinking about these ideas for quite some time. he has a tremendous amount of expertise. he will talk about where the situation is. thank y thank you, senator. [applause] >> thank you, maya. thank you to everyone for adding this together. very interesting set up. i do not know if there will be darts or spitballs on my back. it is good to be here and help in whatever way i can. first, i would like to commend erskine bowles and simpson further laserlike focus on this . you are engaging the american. you have drawn attention to the fiscal challenges that are threatening our future. many here today are proponents of the simpson-bowles plan. i certainly senator simpson and bowls -- i have served with senator simpson and senator bowles. this report has helped advance the national level and has taken on increasing importance. it should be part of our debt reduction debate. i would like to start this morning by tell
this essential issue that is coming before the people of this country as described to be a fiscal cliff. quite frankly, we need to look back at alice in wonderland to see from where we have come. and in the case of alice in wonderland, there is a line that says, if you don't know where you're going, any road will get you there. and certainly in the case of congress, the republicans have laid out a road, it's a road back -- road map for america's future. it is designed by our house budget committee, chaired by congressman paul ryan from wisconsin. and it lays out a plan for spending. it lays out a plan to sustain the viability and vitality of social security and medicare and medicaid into the future, to make sure that seniors now can enjoy the benefits that they've earned through social security, medicare and medicaid. and that the young people who are paying for it now will have those benefits available to them when they retire or when they need them. that is our road map to america's future. that is our budget. it passed this house unanimously through members of congress who are of the republ
said gene sperling would be joining us after this discussion. he was in the midst of the fiscal cliff negotiations, so hopefully he will tell us how he is protecting these important investments. >> next, a conversation about spurring investment in the marketplace. this is hosted by the center for american progress. this is 55 minutes. >> that is a really tough act to follow. >> for sure. >> we have a challenge. i am al hunt. i am delighted to be here. let me tell you one quick story about our host. when i met neera when she was policy director for hillary clinton and barack obama, i did a column or i refer to her as the sugary ray robinson. he was a pound for pound the greatest boxers. she was the sugar ray robinson of policy record. everytime i see here i say "hi, sugar." >> i was wondering why you said that. >> well, when my younger reporters heard this and it to a colleague "it is just a different generation." i am sorry, sugar. >> well -- andwhat i'm glad you explained that. >> it is terrific to be here. what a great panel. glenn hutchins is the founder of silver lake. he is a tre
to go over the fiscal class. the fiscal cliff is big austerity -- you get $7 trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world deficit-reduction. it is. does it mean it is better than current law? maybe not. but there is agreement that current law, including the fiscal cliff, is not the best way. >> we have our baseline. deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to end is these poor people will be so instrumental in getting us out of this mess that we have to get them back to work. them back to work.
the fiscal cliff? [laughter] >> this is off the record? >> just us. >> there is no reason the country should not be able to come together and overcome the dysfunction to have a broad, fair agreement revenues from those who can afford it most and the type of entitlement reform that we need to gather to be part of a balanced deficit reduction package. everyone has to realize compromise is not a dirty word. there's just no reason. they're the reason it should come to that. i will connect a slightly to our discussion here in two points. one reason you want to have an agreement that does include the type of significant revenues and mandatory savings is that because we cannot come to an agreement on that, we continue to cut too deeply into some of the domestic discretionary where a lot of our investment in the future comes from. i agree completely with what senator alexander said about the and portents -- about the importance of our andy in breakthrough technologies -- of research and development that would not get funded simply because no individual actor can capture the benefits of the research
to 7.7%. that being shaded on what is going on with decisions by the fiscal cliff. another economic news this morning, a story in the wall street journal looking at general motors. it says -- earlier this year, 675,000 vehicles a in inventory. houston, texas, this is eric. caller: i am if first-time caller. years or 22 years old. i have spent of this entire year try to educate myself a lot more on the whole -- let me get right to the point. i think it should be a state decision. the supreme court should allow the states to make the kind of a decision. giving more people -- in giving more power to the government to regulate this on a national level will create so many issues down the road, and it probably a lot of issues in the immediate -- the reason we even got to this. is because we get some much power to the government to regulate all of the different things and issues. giving them more power is just going to create more problems. my basic thought is, more government power, more issues. host: we will leave it there. victor on the republican line. caller: i do not think the suprem
. >> the joint economic committee today heard from the two economists on how to deal with the fiscal cliff. marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know that vice chairman brady will be her as well. we know the challenges that we confront here in congress on a whole range of issues which are sometimes broadly described under the umbrella of the terminology, fiscal cliff -- when we confront those difficult challenges, we have to ask ourselves a couple of basic questions. one of the basic questions we must ask is, what will be the result and will be the impact as it relates to middle income families? what will happen to them in the midst of all these tough issues we have to work out? we kn
and more at our special webpage cliff. now to the senate side of capitol hill for gos on the pending tax hikes and budget cuts. >> there's enough writing on the walls to fill quite a few pages about republicans deciding the right thing to do is protect the middle class. and we need to do it now. it's really important that this holiday season that the middle class is not going to be burdened with the thought that they may hit a $2,200 a year tax increase. there have been positive developments this week. we've had a list of republicans that have decided clearly that the best interest of the american people is to pass the bill we passed here last july, confirming the tax cut continues for the middle class. i think that the proposal we have from mitch mcconnel this morning is to avoid a debt ceiling battle that cost our economy billions of $s. he came up with the requested in the first place. enge that's good, to give the president authority to raise the debt. so i think if what we need to do is look at his proposal. i just got it from my staff. we're going to have some me
Search Results 0 to 32 of about 33 (some duplicates have been removed)